Utilize Technology for Inventory Management

Technology plays a crucial role in optimizing space allocation within your event rental business. Implementing an inventory management system can help you track stock levels, monitor equipment conditions, and identify patterns in usage. This data not only aids in making informed decisions about future purchases but also enables you to assess whether your current space is being utilized effectively. For example, if certain items are rarely rented, consider relocating them to a less accessible area or reevaluating their value in your inventory.

Example: Rarely used items that are light, go up high on pallet racking. Hardly rented linen colours go up high. Keep high turn over items at your fingertips.

Having a software to pull inventory usage reports from will clearly show the rental volume per item is super helpful to decide on where you want to put some of your hard earn money to expand your offerings by adding to existing inventory.